Are the ETFs that track the S&P (VOO etc) heavily dependent on FAANG? Is it too risky ad a result - since it’s reliant on a few companies in the same industry?

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They are weighted to faang in the same way the market is weighted to faang. Look at the companies that made up the largest portion of the index 20 years ago. They have not done well for the most part. How has the index done the last 20 years while the heaviest weighted companies have not done well?

There are equal weight ETFs if you are worried about concentration risk (either industry or individual company)

Look at RSP - all 500 stocks regularly rebalanced to equal position sizes. By default, gives you a value tilt as it will sell down relative winners and buy relative losers

In August 2021 FAANG was 19% of SP500. It is a lot.

Those funds are heavily weighted to tech in general right now since their positions are dependent on market cap.

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